Blockchains & brainwaves: money that thinks for you

When Bank of England Governor, Andrew Bailey, laid out a cautious framework for stablecoins in the FT, he struck a balance between innovation and prudence. He acknowledged stablecoins are not inherently illegitimate, but insisted they must operate under conditions that preserve trust. Key among those conditions being:

· strong backing in risk-free assets

· reliable redemption mechanics

· equal treatment in exchange

He also probed a deeper structural possibility, that money could be separated from credit, with banks and nonbanks co-existing in a multi-money system. Reading between the lines, Bailey opened the door to a future in which tokenised deposits and programmable cash become foundational rails. But stablecoins alone are only part of the story - the real transformation could come when tokenised lending, on-chain bond issuance, crowdfunded debt, DeFi capital unlocking, AI-driven portfolio allocation and prediction markets merge in a composable architecture. In that world, money is not…